JNJ - Why Emergent BioSolutions Stock Is Tumbling Today
Shares of Emergent BioSolutions (NYSE: EBS) were tumbling 9.9% lower as of noon EDT on Monday. The big drop came after the company revealed in a filing to the U.S. Securities and Exchange Commission (SEC) that it has agreed not to make any new material at its Bayview facility in Baltimore, Maryland, at the request of the U.S. Food and Drug Administration (FDA). This facility had previously produced COVID-19 vaccines for both AstraZeneca (NASDAQ: AZN) and Johnson & Johnson (NYSE: JNJ) .
Emergent BioSolutions continues to reel from manufacturing issues at its Bayview facility that caused 15 million doses of Johnson & Johnson's COVID-19 vaccine to be discarded. The New York Times reported in late March that the company's staff had inadvertently contaminated a batch of J&J's vaccine with ingredients from AstraZeneca's COVID-19 vaccine.
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Why Emergent BioSolutions Stock Is Tumbling Today